To support next year’s Shs29trn budget, Uganda Revenue Authority (URA) is expected to collect Shs15trn in tax revenue in the 2017/18 budget, up from 13.1trn in the previous budget.
This was disclosed on Thursday afternoon by Finance Minister, Matia Kasaija at the Kampala Serena Conference Centre while presenting the 2017/18 national budget whose theme is ‘Industrialization for job creation and shared prosperity.’
“Domestic Revenue amounting to Shs15, 062 billion of which Shs14,686 billion will be collected by URA as tax revenue and Shs376 billion as Non Tax Revenue,” Kasaija said, adding that to support the budget, domestic borrowing will amount to Shs954 billion.
External financing for projects will amount to Shs7trn of which Shs5.47trn is in loans, and Shs1.59trn is grants.
The Petroleum Fund resource will contribute Shs125.28bn, budget support-Shs34.95bn, appropriation in Aid, collected by Government departments-Shs757bn and Domestic Debt Re-financing- Shs4.99trn.
“Total domestic sources will finance 75.5% of next year’s budget,” Kasaija said, adding that Shs3.577trn has been allocated for Salaries and Wages, Shs 8.325trn for Non-Wage Expenditure, Shs11.349trn for Development expenditure and Shs4.99trn for Domestic Debt refinancing and Appropriation in Aid -Shs757bn.
To help URA collect the said money, the tax body has been allocated Shs90bn.